Investigations

The Investigations team is responsible for detecting and investigating potential trade practice violations.

Trade practice inquiries generally originate from one of three sources: complaints; programmatic reviews of potential trade practice violations; and research performed by Market Regulation Investigators. During the course of reviewing complaints, trade practice program output, and research, the Investigations team may request information from participants and firms. The team may also request that individuals participate in recorded interviews. At the conclusion of the review, the Investigations team determines whether a formal investigatory case should be opened. Parties who are the subject of an investigation will be notified.

To stay up-to-date and in compliance with the changing regulatory environment

Trade practice violations reviewed by the Investigations team include:

Wash Trades

Prearranged, Pre-Negotiated, and Noncompetitive Trades

Trading Ahead of Customer Orders

Disruptive Practices

Money-Passes

Block Trade Infractions

Trading at Settlement Manipulation

Investigators detect and examine misconduct through several methods including:

Employing sophisticated regulatory systems

Investigating complaints

Examining transactional data

Analyzing documentary evidence

Reviewing video evidence

At the conclusion of an investigation, the Investigations team will determine whether there is reason to believe a rule violation has occurred. If the team determines no violation occurred, the matter will be closed administratively with no action taken. If the team determines there is reason to believe a rule violation has occurred but that the circumstances do not warrant formal disciplinary action, the matter may be closed administratively or closed with the issuance of a letter of warning. Alternatively, if the team determines the circumstances warrant formal disciplinary action, the matter will be formally referred to the Market Regulation Enforcement team.

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Who We Are

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.